U.S. Crypto Market Structure Bill Still Passes Key Senate Process Despite Democratic Opposition

PANews reported on January 30 that according to CoinDesk, the U.S. Senate Agriculture Committee formally advanced the legislative process of the Cryptocurrency Market Structure Act with a party vote of 12-11. This is the first time the bill has advanced at the Senate committee level, marking its entry into a new phase. However, as the vote was entirely along party lines and lacked Democratic support, the bill still faces major obstacles in passing the full Senate in the future. Committee Chairman John Boozman, a Republican, said significant progress had been made after months of negotiations and now it was time to move forward. But core Democratic negotiator Corey Booker criticized Republicans for withdrawing from the negotiations and accused President Trump and his family of trying to push for a regulatory framework that lacks ethical constraints while profiting from the crypto industry. Democrats on the committee unanimously opposed the current version but expressed a willingness to continue negotiations to reach bipartisan consensus.

The bill still needs to pass the Senate Banking Committee, with its version moving slowly because of more controversial provisions involving stablecoin earnings. The White House plans to convene another meeting next week to coordinate positions between the crypto industry, the banking industry, the two parties and the government. If the bill is finally passed by the Senate, it will be integrated with the version passed by the House of Representatives and then submitted to the President for signature into law. Analysis points out that as the mid-term elections approach, the legislative window is narrowing.

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